SkyArk Chronicles, an anime-style fantasy game, just held a huge NFT mint with eager collectors pledging $115 million worth of Ethereum for a chance to claim one of its character assets. But now Binance Labs says that its investment in the studio behind the game was misrepresented in the run-up to the mint.

Earlier this month, SkyArk Studio announced that Binance Labs—the crypto exchange’s venture capital arm—had led its $15 million funding round, which preceded the sizable NFT mint. But in truth, Binance Labs shared early Monday, its investment in the studio came back in 2021.

In a lengthy tweet, the firm alleged that SkyArk Studio violated its investment contract by using the Binance Labs branding without prior permission and that it had not, in fact, led a recent investment round. Instead, Binance Labs said that it had invested in the studio as part of its incubation program in 2021, as originally announced at the time.

“If the project had notified us and stuck to the facts, we would have been totally fine with it,” Binance Labs tweeted.

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Author: Andrew Hayward

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